01.04.202406:19 Forex Analysis & Reviews: GOLD: Technical analysis of the situation

GOLD

Bulls have overcome the bearish onslaught and were able to regain positions last week, marking a new historical high (2235.79). March has gone down in history as the most optimistically oriented month for implementing bullish plans. The main task now is to maintain what has been achieved and, if possible, to strive to continue further advancement. Since the current high is a new one in history, strong psychological levels can serve as benchmarks going forward, for example, 2300 – 2350 – 2400, and so on.

In the event of another shift in priorities, the decline will be implemented through testing and overcoming supports. The nearest supports in the current conditions are the levels of the golden cross of the daily Ichimoku cloud. At the moment, they can be noted at the levels of 2191 (Tenkan) – 2152 (Fibonacci Kijun) – 2126 (Kijun).

H4 – H1

On lower timeframes, the market is currently developing an upward movement. On Monday, the classic pivot points slightly expanded their boundaries, marking new intraday benchmarks. When working with upward targets on lower timeframes, further attention, as on higher timeframes, will need to be focused on significant psychological levels.

The benchmarks in case of corrective decline are the key levels – the central pivot point of the day (2188) and the weekly long-term trend (2181). Breaking through these supports and firmly consolidating below them can alter the current balance of power. After that, a strengthening of bearish sentiments is possible, with the supports of the classic pivot points becoming benchmarks for bearish players.

The technical analysis of the situation uses:

Higher timeframes - Ichimoku Kinko Hyo (9.26.52) + Fibonacci Kijun levels

H1 - Pivot Points (classic) + Moving Average 120 (weekly long-term trend)